News

Gatwick sale ready for take-off

Gatwick Airport could change hands within the next few days as BAA edges closer to a deal to sell it to an investment fund.

The new owner and operator of the airport will be Global Infrastructure Partners (GIP), a joint venture between Credit Suisse, the investment bank, and General Electric, the American industrial and financial-services conglomerate. GIP owns and runs London City airport.

The two sides have been in talks since last year, when BAA put Gatwick up for auction ahead of a Competition Commission ruling that would have forced it to sell Gatwick and other airports. Rival bidders dropped out in May, and BAA appeared to put the sale on the backburner while it challenged the commission's verdict.

Talks have continued in the background, and airline industry sources say a deal might be struck before BAA goes to the Competition Appeals Tribunal. The case starts a week tomorrow.